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- Referred to cities
- Referred to cities
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Enacts the New York City Hurricane Sandy assessment relief act
In Assembly Committee · Real Property Taxation · Sponsor Sheldon Silver
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2128
Title of bill
An act enacting the New York City Hurricane Sandy assessment relief act
Purpose or general idea of bill
To provide real property tax relief to New York City property owners whose properties were catastrophically impacted by Hurricane Sandy.
Summary of specific provisions
Section 1 contains the title: "New York City Hurricane Sandy Assessment Relief Act."
Section 2 defines the terms used in the act.
Section 3 provides that a city with a population of one million may adopt the provisions of this act by passing a resolution by the forty-fifth day following the date upon which this act is approved by the Governor.
Section 4 provides that properties that were catastrophically impacted by Hurricane Sandy, having lost fifty percent or more of their assessed value, shall be granted assessment relief as follows:
* If the property lost at least fifty but less than sixty percent of its value, the taxable assessed value of the property shall be reduced by fifty-five percent for the impacted assessment roll.
* If the property lost at least sixty but less than seventy percent of its value, the taxable assessed value of the property shall be reduced by sixty-five percent for the impacted assessment roll.
* If the property lost at least seventy but less than eighty percent of its value, the taxable assessed value of the property shall be reduced by seventy-five percent for the impacted assessment roll.
* If the property lost at least eighty but less than ninety percent of its value, the taxable assessed value of the property shall be reduced by eighty-five percent for the impacted assessment roll.
* If the property lost at least ninety but less than one hundred percent of its value, the taxable assessed value of the property shall be reduced by ninety-five percent for the impacted assessment roll.
* If the property lost all of its value, the taxable assessed value of the property shall be reduced to zero for the impacted assessment roll. The percentage loss in value due to Hurricane Sandy would be
determined by the New York City Department of Finance, which would be subject to review by the New York City Tax Commission if so requested by the taxpayer.
To receive relief pursuant to this act, the property owner must submit a written request 10 the New York City Department of Finance within 90 days following the date upon which this act is approved by the Governor.
Section 5 of this act would provide that the New York City School be held harmless by the State for any reduction in State Aid that would have been paid as at tax savings pursuant to § 1306-a of the Real property Tax Law.
Section 6 provides that the act would take effect immediately and be deemed to have been in full force and effect on or after October 26, 2012.
Justification
Hurricane Sandy caused catastrophic damaged to properties in New York City. This legislation provides relief in the form of a property tax reduction for those New York City taxpayers whose property was substantially damaged by the storms.
Prior legislative history
New bill.
Fiscal implications
None to State
Effective date
Immediately, and shall be deemed to have been in full force and effect on and October 26, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.